SulAmérica Investimentos to Launch Millionaire IPO for New Real Estate Receivables Fund

The company will initiate a R$ 200 million IPO and invest an additional R$ 100 million from its own funds.

Marcelo Mello, CEO of Investments, Life, and Pensions at SulAmérica

By: SiiLA News

12/13/2023

A millionaire IPO is SulAmérica Investimentos strategy to enter the Brazilian stock exchange, B3, with its new product, the Real Estate Receivables Investment Fund. The offering is set to be available in the first half of 2024, with issuances totaling around R$ 200 million.

In August, the company announced that its investment division had reached the milestone of R$ 60 billion in assets under management. At that time, Marcelo Mello, CEO of Investments, Life, and Pensions at SulAmérica, stated that "this exponential growth is the result of the collective effort of a qualified team updated on the sector's demands and investor needs."

The new venture marks a fresh chapter for the company, which will allocate R$ 100 million from its own resources to the new fund, totaling around R$ 300 million.

Currently, the Brazilian FII market has 20 open public offerings, totaling R$ 7.4 billion. There are currently two Real Estate Receivables Investment funds open, including JS Ativos Financeiros (JAF11), with a public offering of R$ 250 million, and EQI Recebíveis Imobiliários (EQIR11), which is raising R$ 150 million.

FII Market in 2023

According to the latest monthly report on real estate funds from B3, the number of investors has reached 2.4 million – for comparison, in 2013, 10 years ago, there were only 101,000 investors in the country.

Currently, the net asset value of the funds is R$ 232 billion, with a market value of R$ 152 billion. If we compare the same period, October 2023, with the previous year, the difference is R$ 34 billion in net assets, but the market value remains unchanged.

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